Getting into cash crunches from time to time is common in most of the small business enterprises. The need for a responsive and prompt financial aider can be quite handy when you are faced with such situations. Most of the traditional lending options could be a big let down due to their long and strenuous application procedures that you will have to undergo. If you are seeking for liquor store financing, the alternative lending options could work just fine for you.
Of the alternative lenders that you could approach, merchant cash advance, MCA providers will offer you with the best financial solutions. MCAs are usually given to deserving businesses in a timely fashion and they are an appropriate option for those looking for liquor store financing. There are various features of MCAs that you could take advantage of as an owner of a liquor store.
MCAs in a few words refers to…
Alternative lenders abound in the current lending world and they include the following: asset-based lenders, those offering loans on future receivables, the alternative lenders who offer startup loans and the MCA providers just to name a few. A merchant cash advance refers to a lump sum that you could be offered as an investment on your future credit sales/earnings. For this reason, you need to be a business which is open to the use of credit and debit cards before you consider approaching any MCA provider.
Besides accepting the use of credit or debit cards, you will need to fulfill the following requirements before applying for liquor store financing:
- Have been in business for more than year; being a relatively established business is a requirement that most of the MCA providers will be on the lookout for
- Generate at least $10,000; having a liquor store that has a steady flow of revenue is seen as security for these unsecured loans
These three requirements will be sufficient when considering seeking for liquor store financing from MCA providers. There are few documents that will be needed during the loan application, these will be outlined shortly and it is worth mentioning that you don’t need any form of collateral during this phase.
Applying for an MCA Loan
Traditional lenders could be quite frustrating as far as their loan application procedures are concerned. The long bureaucratic procedures could act as a hindrance in securing liquor store financing in a prompt manner. To get the funds in good time, you will need to approach more responsive and aggressive lenders, the MCA providers’ kind of lenders. You will need to provide the following documents during the application of liquor store financing:
- The financial statement of your business
- A copy of your credit sales history
- Your projected credit sales in the near future
As a liquor store owner, you won’t need to provide any form of collateral while applying for liquor store financing. What is even more interesting is that you can still apply for an MCA loan despite having a bad credit history.
The approval and Repayment of MCA loans
In case you are tired or rather fed up with being a victim of the low approval rates that characterize most of the traditional lenders, you can turn to MCA providers for liquor store financing. The approval of MCA loans has been designed to meet your needs as quickly as possible. MCA providers are known for their high approval rates, a thing which makes them be really attractive and preferable to most of the small business entities.
It will take a couple of hours or a few days for an MCA loan application to be approved. Most of the MCA providers have become more efficient to the extent of approving and sending the liquor store financing loan in just a few hours.
Repaying the MCA loan is undertaken in a different way, a model that is appropriate and convenient for the small business entities such as liquor stores. The repayment period could range from three months to at most a year. During this period you will be required to remit a fixed percentage of your daily credit earnings to offset the liquor store financing loan that was offered to you.
This repayment schedule is sustainable in nature since you will only repay it in a manner that puts into consideration the performance of your business. Times characterized by high sales volumes will see you submitting higher amounts while days with low credit earnings will leave you with sufficient funds to run your business. MCA loans are usually viewed as expensive loans, it is true that they are high-interest loans but this shouldn’t deter you from applying for MCA loans.
Working on getting a favorable return on investment should be your goal once you get a liquor store financing loan from MCA providers. Generating decent profits will enable you to repay these loans without much strain and you won’t even notice the high interest charged on them.
Why are MCA loans more preferable for Liquor store financing…
Of all the lending options that you could opt for as far as liquor store financing is concerned, MCA loans are better for the following reasons:
Simple and elaborate application procedures: if you are interested in getting liquor store financing from MCA providers, this should be an encouraging factor. You will only need to follow a few steps as well as provide a handful of documents during the application process. This could be quite a relief from the strenuous and tedious application procedures that the traditional lenders have been known for. MCAs are thus an appropriate and simple way of securing liquor store financing.
MCAs providers are known for their high approval rates: in case you are looking for a sure source of liquor store financing, then look no further than MCAs. The likelihood of getting an MCA loan is nearly 100% once you comply with the few requirements that most of the MCA providers will ask for. It is thus safer to trust the MCA companies when you are in urgent need of funds to boost your liquor store. If you compare the approval rates of the traditional lenders to those of the alternative lenders such as MCA providers, you are better off with the latter.
Prompt in responding to your financial needs: MCAs are usually offered in a timely fashion. You can thus bank on MCA companies to respond to your financial emergencies. If you are interested in a lender who can offer you liquor store financing in a matter of days or hours, MCA providers sure meet the cut. It is good to mention that most of the MCA providers will provide you with the cash advance after a few hours upon receipt of your MCA loan application. Those who are tired of waiting for weeks or even months for the traditional loans could thus get relieved from this by considering getting MCAs.
No need for any form of collateral: MCAs are unsecured loans and for this reason, you won’t need any form of collateral for you to qualify for an MCA loan. Getting the much-needed liquor store financing won’t see you losing your dear possessions. This form of alternative lending is centered on assessing the revenue base of a liquor store to see whether they can sustain the repayment model. If you meet the cut as far as a favorable revenue base is concerned, this will be taken to be the security of the loan.
Small businesses with a bad credit score are not locked out: having bad credit could be a major hindrance to getting loans from the traditional lenders. MCA providers are not concerned about your credit history but they are rather interested in how much credit earnings you make on a regular basis. If you have a liquor store with an unfavorable credit score, MCA providers will be appropriate lenders for your business. So next time you are seeking for liquor store financing with a bad credit score tag don’t fret about this as MCA providers will take care of your needs.
MCA companies have a sustainable repayment model: as much as you want to secure a loan, the repayment of the same need to be borne in mind. A liquor store financing loan that has been obtained from MCA providers could be repaid in a hustle free manner. You will just have to remit a fixed percentage of your credit earnings on any given day; this is pretty sustainable as you will repay the loan depending on how your business has performed.
Opting for MCAs is a sure way of getting the much-needed liquor store financing for your business. It is a responsive and prompt option that could be quite handy during the financial emergencies that you might face as a small business entity. The approval rates for these alternative loans are favorable and their repayment schedules are pretty sustainable.